Smith Barney lifts 3M to an "outperform"

JulieRannazzisi

Smith Barney upgraded Dow component 3M
MMM, +0.34%
to an "outperform" rating from an "in line" and lifted the shares of American Standard
ASD, +0.47%
to an "outperform" amid an upgrade of the broader electrical equipment industry to an "overweight" from a "marketweight." The brokerage said the move reflects its view that the market is in the early stages of a nascent economic recovery. Additionally, Smith Barney feels the group "looks cheap relative to the early 90s and is generating more cash flow. Low interest rates and favorable tax treatment of dividends should also bolster group valuations." 3M climbed 1.8 percent to $127.87 while American Standard ran up 4.4 percent to $78.97.

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